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Twelfth consecutive losing quarter For

9/1/09 - The operator of the online bingo site, Limited, has released its unaudited financial results for Q2 2009 showing a twelfth consecutive losing quarter, attributed to rising marketing costs.
The firm's net loss of $266 702, was 13 percent higher than the same period last year, and 8 percent up on Q1 2009. Management attributed the loss to increased cost of marketing, which it said was necessary to enable the operation to succeed in an increasingly competitive UK market sector.

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A company spokesman said: “We had cash of $848 749 and working capital of $752 304 before the provision for jackpots and players float of $340 317 at June 30, 2009. This compares to cash of $412 002 and working capital of $336 316 before the provision for jackpots and players float of $211 821 at December 31, 2008.”
Second quarter gaming revenues of GBP 957 040 were achieved, up by 41 percent year-on-year and seven percent higher than the previous quarter. Limited recently completed a private placement of 1.5 million shares that brought in $225 000, while total revenues increased seven percent year-on-year and 14 percent quarter-on-quarter to $1.51 million.
“The second quarter of 2009 was a challenge for” said Tarrnie Williams, the company's CEO. “While our traffic and revenues continue to increase, the competition in the United Kingdom online bingo market is intense and has resulted in a reduction of individual player values.
"Our costs have increased due to our Maltese gaming license, affiliate marketing costs and our continued investment in search engine optimisation.
“We recognise that to capture a higher percentage of the online bingo market share and reach profitability we need to offer our players a unique gaming experience. As we put cost saving measures in place and continue to focus on improving the system, we believe we will achieve profitability in the coming quarters.”

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Gambling News :

Yggdrasil Gaming Expanding - The Swedish online gambling games developer Yggdrasil Gaming is to establish a new parent company and expand its Stockholm office as it bolsters its presence in Sweden with a raft of new hires.

FanDuel and DraftKings Settle With NY Attorney General - Speculation earlier this week that daily fantasy sports market leaders FanDuel and DraftKings were about to agree a settlement on consumer fraud suits prepared by the New York AG was confirmed Tuesday when a $12 million settlement was announced.

Stan james Now Live With EPOS - The company switched to the Optima server less system across its entire estate in July after previously using Optima EPOS technology. The switch was completed early this (October) month and has already delivered noteworthy savings for the company.

Singapore Online Gambling Ban Begins - Singapore media reports indicated Tuesday that restricted online gambling services offered by the Singapore Pools have started online operations, whilst Singapore Turf Club will commence online betting activity on November 15.

Chinese police action against Crown Resorts Widens - In addition to the 18 Crown employees still held after their arrest last week, it now appears that the police questioned 87 Crown punters and junket organizers, detaining 10 of the latter.

Pennsylvania Online Gambling Updates - Pro-online gambling companies, including the Golden Nugget in New Jersey and Pokerstars, were quick to refute Schippers views based on their operational experience.

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Medialivecasino in Deal With Microgame - #Medialivecasino live dealer games have already gone live with Microgame joining content from other well-known providers NetEnt and Evolution Gaming.

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Pissed off Tabcorp shareholders - A significant number of Tabcorp shareholders, led by The Australian Shareholders Association, reportedly objected to proposed hikes in executive pay packages and were unhappy with the company plans for a merger with rival gambling group Tatts.

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